Canoo (NASDAQ:GOEV) Trading 14.1% Higher

Canoo Inc. (NASDAQ:GOEV)’s stock price shot up 14.1% during trading on Tuesday . The company traded as high as $3.30 and last traded at $2.83. 7,405,847 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 7,585,319 shares. The stock had previously closed at $2.48.

Wall Street Analyst Weigh In

GOEV has been the subject of a number of recent research reports. Alliance Global Partners cut their price objective on shares of Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a research report on Friday, March 15th. Wedbush started coverage on shares of Canoo in a research note on Friday, January 5th. They issued an “outperform” rating and a $92.00 price target on the stock. Stifel Nicolaus decreased their price target on shares of Canoo from $34.50 to $17.25 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Finally, Benchmark assumed coverage on shares of Canoo in a research report on Wednesday. They set a “buy” rating on the stock. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $49.19.

Canoo Price Performance

The stock’s 50-day moving average is $2.77 and its two-hundred day moving average is $4.92.

Institutional Trading of Canoo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its stake in Canoo by 32.9% in the 2nd quarter. Principal Financial Group Inc. now owns 17,951 shares of the company’s stock worth $33,000 after acquiring an additional 4,448 shares in the last quarter. Rhumbline Advisers grew its stake in Canoo by 4.6% in the 2nd quarter. Rhumbline Advisers now owns 126,937 shares of the company’s stock worth $235,000 after acquiring an additional 5,592 shares in the last quarter. Advisor Group Holdings Inc. grew its stake in Canoo by 23.0% in the 1st quarter. Advisor Group Holdings Inc. now owns 40,363 shares of the company’s stock worth $223,000 after acquiring an additional 7,544 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Canoo by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 386,691 shares of the company’s stock worth $2,135,000 after acquiring an additional 8,479 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Canoo by 11.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 116,606 shares of the company’s stock worth $216,000 after acquiring an additional 11,746 shares in the last quarter. 36.23% of the stock is owned by hedge funds and other institutional investors.

Canoo Company Profile

Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers lifestyle delivery vehicles, lifestyle vehicles, multi-purpose delivery vehicles, and pickups. It also provides multi-purpose platform architecture is a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an EV.